Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 509.40
Bid: 510.30
Ask: 510.40
Change: -11.00 (-2.11%)
Spread: 0.10 (0.02%)
Open: 520.00
High: 521.80
Low: 508.50
Prev. Close: 520.40
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Angola's LNG delayed again, but new oil blocks seen

Mon, 25th Feb 2013 17:21

* Project was due to start Q1, new date to be set in 6 weeks

* Angola to seek bids for 15 onshore oil exploration blocks

* Oil output up 4.5 pct in 2012, net profit drop notexplained

LUANDA, Feb 25 (Reuters) - Angola has delayed plans to beginexporting liquefied natural gas (LNG) because of technicalproblems at its $10 billion plant, a senior executive at stateoil firm Sonangol said on Monday.

Sonangol board member Baptista Sumbe told the company'sannual briefing a new start date for the project, called AngolaLNG, will be announced in six weeks once repairs have beencompleted.

Angola was initially expected to start exporting LNG in thefirst quarter of 2012, but the date was pushed back to the firstquarter of this year after several delays..

"To our regret, the project has been delayed. In October, wefaced another technical problem," Sumbe said.

"The repairs are being carried out now, and as soon as theyare done, within five to six weeks, we will be able to announcepublicly when the project can start," he added.

The 5.2 million tonnes-per-year project is led by Sonangol,which has a 22.8 percent stake and Chevron, which holds36.4 percent. Eni, Total and BP eachhold a stake of 13.6 percent.

Sonangol is the main player in the oil sector in Angola,Africa's second-largest oil producer after Nigeria. Besidesholding stakes in all of Angola's exploration blocks, it is alsothe national concessionaire in charge of awarding licences.

Board member Sebastiao Martins confirmed that the companyplans to hold a new bidding round for licenses to explore foroil in the pre-salt layer, this time for 15 onshore blocks inthe Kwanza and Basin.

Analysts and investors believe drilling thousands of metresthrough blocks known as pre-salt, could match huge discoveriesmade off the Brazilian coast in similar rock formations.

Sonangol expects to get the go-ahead from the government tolaunch the bidding process this year, Martins added.

Angola offered offshore exploration rights in the pre-saltlayer to seven oil majors including Total, BP and U.S. firmCobalt in 2011.

Chief Executive Francisco Lemos Jose Maria said Angola'scrude production rose 4.5 percent to 1.73 million barrels perday (mbpd) last year from 1.66 mbpd in 2011, a year marked bytechnical problems and maintenance at oil fields.

The CEO added that net profit in 2012 came in at $1.24billion, but did not explain a drop from the previous year, whenthe company reported net profit of $3.3 billion.

More News
15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

Read more
15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

Read more
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more
12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

Read more
11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.